North America Cannabis Market Growth, Trends, and Forecast 2016 – 2021
Posted by Pradeep Zende on June 21st, 2019
The Cannabis Market has shown rapid growth in the past few years owing to rapid demand increase for cannabis and related products. Market Research Future, who specializes in market reports related to the consumer and retail sector among others, recently published a report on this market. Expansion of the North America cannabis market is estimated with a CAGR of 33% in forecast period from 2016 to 2021.
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Global Competitive Analysis
A trend of volume-driven growth has been witnessed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are efficiently utilizing their primary resources to initiate long lasting growth changes. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.
Major players in North America Cannabis Market are
The North America Cannabis Market is categorized on the following basis:
On the basis of Derivatives: Industrial Hemp and Marijuana/Flowers, Other Concentrates/Products which include Keif, Hash, Hash Oil Etc.
On the basis of Applications type: On the basis of applications the market is segmented into applications of marijuana into medicinal applications, recreational applications and others and applications of hemp into food and baby care, clothing & textile among others.
Cannabis market in North America was over USD 3.5 billion in 2015. This industry was mainly operating in the black market; however with developments in the medical applications of the derivatives such as marijuana and hemp this market experienced significant growth over the past few years. Presently, the cannabis market is not a bare collaboration of the growers or producers of marijuana and hemp; it is rather a conglomerate of science and technology. The U.S. being the largest market in the region was valued over USD 3 billion and is anticipated to grow at a CAGR over 30% between 2016 and 2021.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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